The new report by Expert Market Research titled, ‘Global Renewable Energy Market Price, Trends, Growth, Analysis, Report and Forecast 2020-2025’, gives an in-depth analysis of the global renewable energy market, assessing the market based on its segments like type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Market Size (2019): 2455 gigawatts
• Forecast CAGR (2020-2025): 7.6%
• Forecast Market Size (2025): 3812 gigawatts
The global renewable energy market is being driven by the growing demand for energy, rapid urbanisation, and the growing technological advancements. The growing need to adopt sustainable development policies owing to the depletion of natural resources and increasing carbon emissions is resulting in the increased installation of renewable energy. The rising environmental concern and growing focus on diversifying energy supply across the globe while reducing dependence on unreliable and volatile fossil fuel markets, particularly oil and gas, is aiding the market growth. Over the forecast period, the favourable government initiatives and growing investments in the research and development activities are expected to further propel the market growth.
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Industry Definition and Major Segments
Renewable energy refers to the energy from a source that is not depleted upon its utilisation and is naturally replenished, like wind, tides, and geothermal heat, among others. It serves as an alternative to fossil fuels and contributes to reducing greenhouse gas emissions, thus, diversifying energy supply. When installed in a region, it reduces the dependence on imported fuels and creates economic development and jobs.
Based on type, the industry is segmented into:
The regional markets for renewable energy include
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The global renewable energy market is expected to be driven by the implementation of favourable government initiatives. The governments across the nations are making major investments to install renewable energy and meet the rising demand for electricity. For instance, In November 2019, the U.S. Department of Energy (DOE) announced selections for USD 128 million in new projects, which span 22 states, to advance solar technologies and aid in research and development of photovoltaics (PV), concentrating solar-thermal power (CSP), soft costs reduction, and others. In December 2018, the EU legislation announced the revised Renewable Energy Directive (Directive (EU) 2018/2001), which establishes the target of at least a 32% share of EU energy consumption coming from renewable energy sources by 2030. This forms a part of the ‘Clean Energy for All Europeans’ package and is expected to aid the overall market growth in the coming years.
Key Market Players
The major players in the market are First Solar, Inc. (NASDAQ: FSLR), Suzlon Energy Ltd. (NSE: SUZLON), Vestas Wind Systems A/S (CPH: VWS), Conergy Energy Systems, Senvion S.A. (FRA: SEN), Trina Solar Limited (SHA: 688599), Ørsted A/S (CPH: ORSTED), Vattenfall AB, JinkoSolar Holding Co., Ltd (NYSE: JKS), Tata Power Solar Systems Ltd., and Enel Green Power S.p.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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